Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real
estate investment trust ("REIT") specializing in group-oriented,
destination hotel assets in urban and resort markets, today
reported financial results for the third quarter ended September
30, 2018.
Colin Reed, chairman and chief executive officer of Ryman
Hospitality Properties, said, “Overall, we are pleased with our
third quarter 2018 results, which were slightly better than our
expectations going into the quarter. Despite a couple of group
cancellations and the impact of Hurricane Florence in this quarter,
our hotels delivered the best third quarter on record in terms of
Consolidated Revenue due to strong outside-the-room spending, which
helped drive over 6.9 percent and 12.1 percent Consolidated
Operating Income and Consolidated Adjusted EBITDA growth,
respectively, for the third quarter of 2018.
We anticipated a modest decline in our year-over-year future
group bookings this quarter given the challenging year-over-year
comparison and the strong bookings results we reported in the first
half of 2018. Overall, the outlook for our group business continues
to look strong, and we are excited to see that momentum continue
with the anticipated opening of our joint-venture investment in
Gaylord Rockies later this year. We are pleased to have the
opportunity to increase our ownership stake in this property from
35.0 percent to approximately 62.3 percent, which we anticipate
will close by the end of 2018.”
Third Quarter and Year-to-Date 2018 Results (As Compared
to Third Quarter and Year-to-Date 2017) Included the
Following:
Consolidated Results ($ in thousands, except
per share amounts)
|
Three Months
Ended |
|
Nine Months
Ended |
|
September 30, |
|
September 30, |
|
2018 |
|
2017 |
|
% ∆ |
|
|
2018 |
|
2017 |
|
% ∆ |
Total Revenue |
$ |
292,249 |
|
|
$ |
264,724 |
|
|
10.4 |
% |
|
|
$ |
914,553 |
|
|
$ |
839,544 |
|
|
8.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
$ |
40,100 |
|
|
$ |
37,510 |
|
|
6.9 |
% |
|
|
$ |
162,743 |
|
|
$ |
149,129 |
|
|
9.1 |
% |
Operating Income
Margin |
|
13.7 |
% |
|
|
14.2 |
% |
|
-0.5pt |
|
|
|
17.8 |
% |
|
|
17.8 |
% |
|
0.0pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
22,591 |
|
|
$ |
23,870 |
|
|
-5.4 |
% |
|
|
$ |
105,476 |
|
|
$ |
103,782 |
|
|
1.6 |
% |
Net Income Margin |
|
7.7 |
% |
|
|
9.0 |
% |
|
-1.3pt |
|
|
|
11.5 |
% |
|
|
12.4 |
% |
|
-0.9pt |
Net Income per diluted
share |
$ |
0.44 |
|
|
$ |
0.46 |
|
|
-4.3 |
% |
|
|
$ |
2.05 |
|
|
$ |
2.02 |
|
|
1.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
84,662 |
|
|
$ |
75,507 |
|
|
12.1 |
% |
|
|
$ |
280,078 |
|
|
$ |
254,556 |
|
|
10.0 |
% |
Adjusted EBITDA
Margin |
|
29.0 |
% |
|
|
28.5 |
% |
|
0.5pt |
|
|
|
30.6 |
% |
|
|
30.3 |
% |
|
0.3pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations
(FFO) |
$ |
53,603 |
|
|
$ |
52,433 |
|
|
2.2 |
% |
|
|
$ |
195,504 |
|
|
$ |
187,697 |
|
|
4.2 |
% |
FFO per diluted
share |
$ |
1.04 |
|
|
$ |
1.02 |
|
|
2.0 |
% |
|
|
$ |
3.80 |
|
|
$ |
3.66 |
|
|
3.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO |
$ |
63,448 |
|
|
$ |
56,014 |
|
|
13.3 |
% |
|
|
$ |
217,096 |
|
|
$ |
198,542 |
|
|
9.3 |
% |
Adjusted FFO per
diluted share |
$ |
1.23 |
|
|
$ |
1.09 |
|
|
12.8 |
% |
|
|
$ |
4.22 |
|
|
$ |
3.87 |
|
|
9.0 |
% |
For the Company’s definitions of Operating Income Margin, Net
Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin, FFO, and
Adjusted FFO, as well as a reconciliation of the non-GAAP financial
measure Adjusted EBITDA to Net Income and a reconciliation of the
non-GAAP financial measure Adjusted FFO to Net Income, see
“Calculation of GAAP Margin Figures,” “Non-GAAP Financial
Measures,” “Adjusted EBITDA Definition,” “Adjusted EBITDA Margin
Definition,” “Adjusted FFO Definition” and “Supplemental Financial
Results” below.
Operating Results
Hospitality Segment For the three months and
nine months ended September 30, 2018 and 2017, the Company reported
the following:
Hospitality
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
thousands, except for ADR, RevPAR and Total RevPAR) |
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2018 |
|
2017 |
|
% ∆ |
|
2018 |
|
2017 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
Revenue |
$ |
249,240 |
|
|
$ |
229,590 |
|
|
8.6 |
% |
|
$ |
806,107 |
|
|
$ |
747,117 |
|
|
7.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Operating
Income |
$ |
43,334 |
|
|
$ |
36,298 |
|
|
19.4 |
% |
|
$ |
172,982 |
|
|
$ |
149,560 |
|
|
15.7 |
% |
Hospitality Operating
Income Margin |
|
17.4 |
% |
|
|
15.8 |
% |
|
1.6pt |
|
|
21.5 |
% |
|
|
20.0 |
% |
|
1.5pt |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Adjusted
EBITDA |
$ |
78,009 |
|
|
$ |
69,309 |
|
|
12.6 |
% |
|
$ |
270,945 |
|
|
$ |
242,258 |
|
|
11.8 |
% |
Hospitality Adjusted
EBITDA Margin |
|
31.3 |
% |
|
|
30.2 |
% |
|
1.1pt |
|
|
33.6 |
% |
|
|
32.4 |
% |
|
1.2pt |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Performance
Metrics |
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
73.2 |
% |
|
|
75.5 |
% |
|
-2.3pt |
|
|
75.3 |
% |
|
|
75.0 |
% |
|
0.3pt |
Average
Daily Rate (ADR) |
$ |
177.97 |
|
|
$ |
174.20 |
|
|
2.2 |
% |
|
$ |
191.13 |
|
|
$ |
185.08 |
|
|
3.3 |
% |
RevPAR |
$ |
130.27 |
|
|
$ |
131.56 |
|
|
-1.0 |
% |
|
$ |
143.97 |
|
|
$ |
138.73 |
|
|
3.8 |
% |
Total
RevPAR |
$ |
314.69 |
|
|
$ |
300.45 |
|
|
4.7 |
% |
|
$ |
349.04 |
|
|
$ |
329.48 |
|
|
5.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Definite Rooms Nights Booked |
|
459,430 |
|
|
|
605,889 |
|
|
-24.2 |
% |
|
|
1,575,638 |
|
|
|
1,633,890 |
|
|
-3.6 |
% |
Net
Definite Rooms Nights Booked |
|
339,294 |
|
|
|
482,732 |
|
|
-29.7 |
% |
|
|
1,184,587 |
|
|
|
1,179,521 |
|
|
0.4 |
% |
Group
Attrition (as % of contracted block) |
|
12.2 |
% |
|
|
15.5 |
% |
|
-3.3pt |
|
|
13.8 |
% |
|
|
13.7 |
% |
|
0.1pt |
Cancellations ITYFTY (1) |
|
7,282 |
|
|
|
12,749 |
|
|
-42.9 |
% |
|
|
28,647 |
|
|
|
45,472 |
|
|
-37.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) "ITYFTY"
represents In The Year For The Year. |
|
|
|
|
|
|
|
|
|
|
|
For the Company’s definitions of Revenue Per Available Room
(RevPAR) and Total Revenue Per Available Room (Total RevPAR), see
“Calculation of RevPAR and Total RevPAR” below.
Property-level results and operating metrics for third quarter 2018
are presented in greater detail below and under “Supplemental
Financial Results—Hospitality Segment Adjusted EBITDA
Reconciliations,” which includes a reconciliation of the non-GAAP
financial measures Hospitality Adjusted EBITDA to Hospitality
Operating Income, and property-level Adjusted EBITDA to
property-level Operating Income for each of the hotel properties.
Highlights for third quarter 2018 for the Hospitality segment and
at each property include:
- Hospitality Segment: Total revenue for third
quarter 2018 increased 8.6 percent to $249.2 million compared to
third quarter 2017. Total RevPAR increased by 4.7 percent for third
quarter 2018 primarily due to favorable group mix shift toward
premium corporate and association groups which typically have
higher outside-the-room spending. The positive mix shift also drove
a 2.2 percent increase in ADR for third quarter 2018, which, along
with strong food and beverage performance, more than offset a
2.3-point decline in occupancy during third quarter 2018. The
negative revenue impact of Hurricane Florence in third quarter 2018
is estimated to be approximately $1.0 million between Gaylord
National and Gaylord Palms. The impact was smaller than the
two hurricanes that impacted results in third quarter 2017 but was
nonetheless a headwind to performance. Hospitality segment
operating income increased by 19.4 percent to $43.3 million in
third quarter 2018, as compared to third quarter 2017. Operating
income margin for the segment increased by 160 basis points to 17.4
percent. Hospitality segment Adjusted EBITDA increased by 12.6
percent as compared to third quarter 2017, and Adjusted EBITDA
margin increased by 110 basis points to 31.3 percent.
($ in thousands, except for ADR, RevPAR and Total RevPAR)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland |
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2018 |
|
2017 |
|
% ∆ |
|
2018 |
|
2017 |
|
% ∆ |
Revenue |
|
|
$ |
80,591 |
|
|
$ |
76,237 |
|
|
5.7 |
% |
|
$ |
258,251 |
|
|
$ |
231,459 |
|
|
11.6 |
% |
Operating
Income |
|
$ |
17,826 |
|
|
$ |
16,974 |
|
|
5.0 |
% |
|
$ |
66,551 |
|
|
$ |
53,081 |
|
|
25.4 |
% |
Operating
Income Margin |
|
22.1 |
% |
|
|
22.3 |
% |
|
-0.2pt |
|
|
25.8 |
% |
|
|
22.9 |
% |
|
2.9pt |
Adjusted
EBITDA |
|
$ |
26,923 |
|
|
$ |
25,921 |
|
|
3.9 |
% |
|
$ |
93,273 |
|
|
$ |
78,809 |
|
|
18.4 |
% |
Adjusted
EBITDA Margin |
|
33.4 |
% |
|
|
34.0 |
% |
|
-0.6pt |
|
|
36.1 |
% |
|
|
34.0 |
% |
|
2.1pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
72.4 |
% |
|
|
76.9 |
% |
|
-4.5pt |
|
|
75.4 |
% |
|
|
72.7 |
% |
|
2.7pt |
Average daily rate (ADR) |
$ |
180.77 |
|
|
$ |
176.13 |
|
|
2.6 |
% |
|
$ |
188.41 |
|
|
$ |
177.82 |
|
|
6.0 |
% |
RevPAR |
|
|
$ |
130.95 |
|
|
$ |
135.53 |
|
|
-3.4 |
% |
|
$ |
142.00 |
|
|
$ |
129.32 |
|
|
9.8 |
% |
Total RevPAR |
|
$ |
303.32 |
|
|
$ |
286.93 |
|
|
5.7 |
% |
|
$ |
327.55 |
|
|
$ |
293.57 |
|
|
11.6 |
% |
- Gaylord Opryland: Total revenue for third
quarter 2018 increased by 5.7 percent to $80.6 million, compared to
third quarter 2017. RevPAR declined 3.4 percent in third quarter
2018 as compared to third quarter 2017, weighed down by a 4.5-point
decrease in occupancy, primarily for group business, which
overshadowed a 2.6 percent increase in ADR primarily related to
corporate groups. The decline in occupancy was primarily driven by
two large group cancellations that the hotel was unable to
backfill. As a result, attrition and cancellation fee collections
for third quarter 2018 increased by approximately $0.6 million, as
compared to third quarter 2017. The groups that did travel during
the quarter helped drive a 5.7 percent increase in Total RevPAR for
third quarter 2018 as compared to third quarter 2017. This increase
was driven by strong banquet and catering performance as compared
to third quarter 2017. Operating income increased 5.0 percent to
$17.8 million in third quarter 2018, compared to third quarter
2017. Adjusted EBITDA increased 3.9 percent to $26.9 million
compared to third quarter 2017. Construction of Gaylord Opryland’s
new $90 million water experience, SoundWaves, is nearing
completion. This project remains on time and on budget with an
anticipated opening of the indoor portion of the amenity in fourth
quarter 2018. The Company is now selling packages for this
premium-ticketed amenity for the upcoming holiday season.
($ in thousands, except for ADR, RevPAR and Total RevPAR)
Gaylord Palms |
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2018 |
|
2017 |
|
% ∆ |
|
2018 |
|
2017 |
|
% ∆ |
Revenue |
|
|
$ |
38,901 |
|
|
$ |
37,238 |
|
|
4.5 |
% |
|
$ |
147,071 |
|
|
$ |
139,619 |
|
|
5.3 |
% |
Operating
Income |
|
$ |
2,925 |
|
|
$ |
3,108 |
|
|
-5.9 |
% |
|
$ |
29,549 |
|
|
$ |
25,609 |
|
|
15.4 |
% |
Operating
Income Margin |
|
7.5 |
% |
|
|
8.3 |
% |
|
-0.8pt |
|
|
20.1 |
% |
|
|
18.3 |
% |
|
1.8pt |
Adjusted
EBITDA |
|
$ |
9,041 |
|
|
$ |
9,141 |
|
|
-1.1 |
% |
|
$ |
47,748 |
|
|
$ |
43,755 |
|
|
9.1 |
% |
Adjusted
EBITDA Margin |
|
23.2 |
% |
|
|
24.5 |
% |
|
-1.3pt |
|
|
32.5 |
% |
|
|
31.3 |
% |
|
1.2pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
72.8 |
% |
|
|
73.3 |
% |
|
-0.5pt |
|
|
78.6 |
% |
|
|
77.8 |
% |
|
0.8pt |
Average daily rate (ADR) |
$ |
161.31 |
|
|
$ |
153.62 |
|
|
5.0 |
% |
|
$ |
187.57 |
|
|
$ |
181.32 |
|
|
3.4 |
% |
RevPAR |
|
|
$ |
117.44 |
|
|
$ |
112.59 |
|
|
4.3 |
% |
|
$ |
147.43 |
|
|
$ |
141.05 |
|
|
4.5 |
% |
Total RevPAR |
|
$ |
298.62 |
|
|
$ |
285.85 |
|
|
4.5 |
% |
|
$ |
380.45 |
|
|
$ |
361.18 |
|
|
5.3 |
% |
- Gaylord Palms: Total revenue increased 4.5
percent to $38.9 million in third quarter 2018 compared to third
quarter 2017, driven by a 5.0 percent increase in ADR, higher
attrition and cancellation fee collections and the non-recurrence
of a significant hurricane impact in third quarter 2017. Hurricane
Florence negatively impacted the hotel by approximately $0.2
million in third quarter 2018, which was minor compared to the
negative impact of the hurricanes experienced in third quarter
2017. The ADR improvement in the quarter was driven by strong
group performance. RevPAR and Total RevPAR increased 4.3 percent
and 4.5 percent, respectively, compared to third quarter 2017.
Operating income declined by 5.9 percent to $2.9 million in third
quarter 2018 compared to third quarter 2017, driven primarily by an
increase in other support costs, which was partially offset by
solid food and beverage performance and increased resort fees.
Adjusted EBITDA declined by 1.1 percent to $9.0 million compared to
third quarter 2017. The previously announced $150 million expansion
project at this property is now underway, starting with the
construction of a new multi-story parking structure. The 303 new
guest rooms and 90,000-square-foot meeting space expansion are
expected to be completed in the spring of 2021.
($ in thousands, except for ADR, RevPAR and Total RevPAR)
Gaylord Texan |
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2018 |
|
2017 |
|
% ∆ |
|
2018 |
|
2017 |
|
% ∆ |
Revenue |
|
|
$ |
62,826 |
|
|
$ |
50,166 |
|
|
25.2 |
% |
|
$ |
179,794 |
|
|
$ |
159,683 |
|
|
12.6 |
% |
Operating
Income |
|
$ |
17,016 |
|
|
$ |
10,401 |
|
|
63.6 |
% |
|
$ |
46,001 |
|
|
$ |
38,922 |
|
|
18.2 |
% |
Operating
Income Margin |
|
27.1 |
% |
|
|
20.7 |
% |
|
6.4pt |
|
|
25.6 |
% |
|
|
24.4 |
% |
|
1.2pt |
Adjusted
EBITDA |
|
$ |
23,597 |
|
|
$ |
15,576 |
|
|
51.5 |
% |
|
$ |
65,709 |
|
|
$ |
54,347 |
|
|
20.9 |
% |
Adjusted
EBITDA Margin |
|
37.6 |
% |
|
|
31.0 |
% |
|
6.5pt |
|
|
36.5 |
% |
|
|
34.0 |
% |
|
2.5pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
76.2 |
% |
|
|
75.0 |
% |
|
1.2pt |
|
|
75.2 |
% |
|
|
75.7 |
% |
|
-0.5pt |
Average daily rate (ADR) |
$ |
184.45 |
|
|
$ |
183.90 |
|
|
0.3 |
% |
|
$ |
190.99 |
|
|
$ |
187.80 |
|
|
1.7 |
% |
RevPAR |
|
|
$ |
140.59 |
|
|
$ |
137.96 |
|
|
1.9 |
% |
|
$ |
143.68 |
|
|
$ |
142.26 |
|
|
1.0 |
% |
Total RevPAR |
|
$ |
376.45 |
|
|
$ |
360.87 |
|
|
4.3 |
% |
|
$ |
395.63 |
|
|
$ |
387.11 |
|
|
2.2 |
% |
- Gaylord Texan: Total revenue increased
25.2 percent to $62.8 million in third quarter 2018, compared to
third quarter 2017, driven by a 20.1 percent increase in room
nights available as a result of the recently-completed rooms
expansion at this property. The third quarter 2018 was the first
full quarter of available room nights following the completion of
this expansion in second quarter 2018. Occupancy increased 3.2
points compared to second quarter 2018 and 1.2 points compared to
third quarter 2017 despite the significant increase in available
room nights in the quarter. Corporate and other group and transient
room nights all increased double digit percentages year-over-year
in the quarter. RevPAR increased by 1.9 percent in the third
quarter as compared to third quarter 2017, driven by the strong
occupancy performance and a positive mix shift toward corporate and
other premium group rooms nights sold in third quarter 2018, which
positively impacted ADR in the quarter. The absence of hurricane
impacts, which negatively impacted third quarter 2017 results, also
benefitted year-over-year comparisons. Food and beverage
performance in the quarter was particularly strong, driven by a mix
shift toward corporate and other group nights that exhibited strong
outside-the-room spending. Operating income increased 63.6 percent
to $17.0 million in third quarter 2018, compared to third quarter
2017. Adjusted EBITDA increased by 51.5 percent to $23.6 million,
compared to third quarter 2017. The strong improvements in
operating income and Adjusted EBITDA were driven by a combination
of increased room nights sold following the recently completed
hotel expansion and strong food and beverage performance during
third quarter 2018.
($ in thousands, except for ADR, RevPAR and Total RevPAR)
Gaylord National |
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2018 |
|
2017 |
|
% ∆ |
|
2018 |
|
2017 |
|
% ∆ |
Revenue |
|
|
$ |
60,303 |
|
|
$ |
58,936 |
|
|
2.3 |
% |
|
$ |
200,746 |
|
|
$ |
195,388 |
|
|
2.7 |
% |
Operating
Income |
|
$ |
4,343 |
|
|
$ |
4,309 |
|
|
0.8 |
% |
|
$ |
27,189 |
|
|
$ |
27,170 |
|
|
0.1 |
% |
Operating
Income Margin |
|
7.2 |
% |
|
|
7.3 |
% |
|
-0.1pt |
|
|
13.5 |
% |
|
|
13.9 |
% |
|
-0.4pt |
Adjusted
EBITDA |
|
$ |
16,531 |
|
|
$ |
16,500 |
|
|
0.2 |
% |
|
$ |
58,446 |
|
|
$ |
58,580 |
|
|
-0.2 |
% |
Adjusted
EBITDA Margin |
|
27.4 |
% |
|
|
28.0 |
% |
|
-0.6pt |
|
|
29.1 |
% |
|
|
30.0 |
% |
|
-0.9pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
71.9 |
% |
|
|
74.2 |
% |
|
-2.3pt |
|
|
73.7 |
% |
|
|
75.1 |
% |
|
-1.4pt |
Average daily rate (ADR) |
$ |
185.56 |
|
|
$ |
184.89 |
|
|
0.4 |
% |
|
$ |
204.35 |
|
|
$ |
201.77 |
|
|
1.3 |
% |
RevPAR |
|
|
$ |
133.36 |
|
|
$ |
137.13 |
|
|
-2.7 |
% |
|
$ |
150.66 |
|
|
$ |
151.47 |
|
|
-0.5 |
% |
Total RevPAR |
|
$ |
328.39 |
|
|
$ |
320.95 |
|
|
2.3 |
% |
|
$ |
368.40 |
|
|
$ |
358.57 |
|
|
2.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Gaylord National: Total revenue increased 2.3
percent to $60.3 million in third quarter 2018, compared to third
quarter 2017. Hurricane Florence contributed to a year-over-year
occupancy decline of 2.3 points during third quarter 2018, with a
negative overall revenue impact of approximately $0.8 million. A
recent shift in strategy away from lower-rated transient room
nights resulted in a positive mix shift toward group nights which
enabled the property to hold ADR relatively flat in third quarter
2018 while simultaneously driving strong banquet spending. As a
result, Total RevPAR increased by 2.3 percent in third quarter 2018
compared to third quarter 2017, despite a 2.7 percent
year-over-year decline in RevPAR. Operating income increased by 0.8
percent to $4.3 million in third quarter 2018 compared to the
prior-year quarter. Adjusted EBITDA was flat in third quarter 2018
compared to third quarter 2017, despite lower interest income in
the current year quarter associated with our incentive bonds that
we received for construction of the property.
Reed continued, “While we are very pleased with our overall
Hospitality performance this quarter, Gaylord Texan’s performance
was particularly notable as it achieved a positive year-over-year
increase in occupancy despite a 20 percent increase in available
room nights following its recently-completed hotel expansion. As we
head toward the upcoming holiday season, we are excited about the
scheduled opening of our SoundWaves water experience at Gaylord
Opryland. We have been actively booking this premium amenity as
part of our holiday season package offerings and are excited to
welcome guests to this unique attraction in December.”
Entertainment Segment For the three and nine
months ended September 30, 2018 and 2017, the Company reported the
following:
|
|
|
|
|
|
|
|
Entertainment Segment Results |
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
($
in thousands) |
2018 |
2017 |
% ∆ |
|
2018 |
2017 |
% ∆ |
|
|
|
|
|
|
|
|
Revenue |
$ |
43,009 |
|
$ |
35,134 |
|
22.4 |
% |
|
$ |
108,446 |
|
$ |
92,427 |
|
17.3 |
% |
Operating Income |
$ |
4,413 |
|
$ |
9,641 |
|
-54.2 |
% |
|
$ |
14,333 |
|
$ |
23,966 |
|
-40.2 |
% |
Operating Income
Margin |
|
10.3 |
% |
|
27.4 |
% |
-17.1pt |
|
|
13.2 |
% |
|
25.9 |
% |
-12.7pt |
Adjusted EBITDA |
$ |
12,086 |
|
$ |
12,768 |
|
-5.3 |
% |
|
$ |
27,018 |
|
$ |
31,530 |
|
-14.3 |
% |
Adjusted EBITDA
Margin |
|
28.1 |
% |
|
36.3 |
% |
-8.2pt |
|
|
24.9 |
% |
|
34.1 |
% |
-9.2pt |
Entertainment segment revenue increased 22.4 percent in third
quarter 2018 compared to third quarter 2017, aided by the
successful opening of Ole Red Nashville earlier in 2018. Operating
income and Adjusted EBITDA declined in third quarter 2018 as
compared to the prior-year quarter, primarily as a result of losses
associated with Opry City Stage operations. As previously
disclosed, the Company suspended operations at Opry City Stage
beginning in September 2018 while management evaluates its market
positioning for this venue. Further evaluation of this decision
resulted in a $4.5 million non-cash impairment charge recognized in
third quarter 2018. The Company has also previously announced its
intention to develop Ole Red Orlando, which is expected to open in
2020 and will join the Company’s two operating Ole Red locations in
Nashville, Tennessee and Tishomingo, Oklahoma, as well as Ole Red
Gatlinburg, which is currently under development and anticipated to
open in March of 2019.
Reed continued, “Our Entertainment segment delivered strong
top-line performance this quarter as our historical assets continue
to enjoy popularity and visibility both inside Nashville and around
the world, and our flagship Ole Red venue in Nashville continues to
perform well. Our investment in this brand continues, and we are
optimistic about the opportunities for Ole Red to expand to new
markets in the years ahead.
In October of 2018, we celebrated the opening of phase one of
our Grand Ole Opry House expansion just in time for the Opry’s 93rd
birthday, and we look forward to beginning work on our new
VIP lounge and pre-tour theater experience in the fourth
quarter.”
Corporate and Other Segment Results For the
three months and nine months ended September 30, 2018 and 2017, the
Company reported the following:
Corporate and Other Segment
Results |
Three Months
Ended |
|
Nine Months
Ended |
|
September 30, |
|
September 30, |
($
in thousands) |
2018 |
2017 |
% ∆ |
|
2018 |
2017 |
% ∆ |
|
|
|
|
|
|
|
|
Operating Loss |
$ |
(7,647 |
) |
$ |
(8,429 |
) |
9.3 |
% |
|
$ |
(24,572 |
) |
$ |
(24,397 |
) |
-0.7 |
% |
Adjusted EBITDA |
$ |
(5,433 |
) |
$ |
(6,570 |
) |
17.3 |
% |
|
$ |
(17,885 |
) |
$ |
(19,232 |
) |
7.0 |
% |
Dividend UpdateThe Company paid its third
quarter 2018 cash dividend of $0.85 per share of common stock on
October 15, 2018 to stockholders of record as of September 28,
2018. It is the Company’s current plan to distribute total 2018
annual dividends of approximately $3.40 per share in cash in equal
quarterly payments with the remaining payment occurring in January
of 2019. Any future dividend is subject to the Board of Director’s
determinations as to the amount of quarterly distributions and the
timing thereof.
Balance Sheet/Liquidity Update As of September
30, 2018, the Company had total debt outstanding of $1,693.4
million, net of unamortized deferred financing costs, and
unrestricted cash of $86.0 million. As of September 30, 2018,
$270.0 million of borrowings were drawn under the revolving credit
line of the Company’s credit facility, and the lending banks had
issued $2.4 million in letters of credit, which left $427.6 million
of availability for borrowing under the credit facility.
Guidance The Company is reaffirming its 2018
guidance provided on September 14, 2018 at the Company’s Investor
and Analyst Day, which is available at www.rymanhp.com. The Company
does not expect to update the guidance before next quarter’s
earnings release. However, the Company may update its full business
outlook or any portion thereof at any time for any reason.
Reed concluded, “2018 is shaping up to be another strong year
for our Company, and we anticipate that 2019 will be even stronger
with the benefit of our previously-announced development projects,
including the opening of SoundWaves at Gaylord Opryland and the
Gaylord Rockies hotel. With this in mind, we have decided to
accelerate a planned rooms renovation of the Magnolia wing of
Gaylord Opryland, which is adjacent to our SoundWaves water
experience. We expect to begin the Magnolia rooms renovation late
this year and anticipate it to be complete in the fourth quarter
2019. Our previously-announced Gaylord National rooms renovation is
now scheduled to begin in the fourth quarter 2019. In
addition, with a mid-December scheduled opening coupled with our
increased ownership to approximately 62 percent, we believe the
Gaylord Rockies will contribute a roughly $2.5 million negative
impact to Consolidated Hospitality Adjusted EBITDA in fourth
quarter 2018. We do not anticipate that either of these adjustments
will have an impact on our previously-provided guidance for 2018,
particularly given how well our hotels have performed thus far as
well as how we expect them to perform for the remainder of the
year.”
Earnings Call Information Ryman Hospitality
Properties will hold a conference call to discuss this release
today at 11 a.m. ET. Investors can listen to the conference call
over the Internet at www.rymanhp.com. To listen to the live call,
please go to the Investor Relations section of the website
(Investor Relations/Presentations, Earnings and Webcasts) at least
15 minutes prior to the call to register and download any necessary
audio software. For those who cannot listen to the live broadcast,
a replay will be available shortly after the call and will be
available for at least 30 days.
About Ryman Hospitality Properties, Inc. Ryman
Hospitality Properties, Inc. (NYSE:RHP) is a REIT for federal
income tax purposes, specializing in group-oriented, destination
hotel assets in urban and resort markets. The Company’s owned
assets include a network of four upscale, meetings-focused resorts
totaling 8,114 rooms that are managed by lodging operator Marriott
International, Inc. under the Gaylord Hotels brand. Other owned
assets managed by Marriott International, Inc. include Gaylord
Springs Golf Links, the Wildhorse Saloon, the General Jackson
Showboat, The Inn at Opryland, a 303-room overflow hotel adjacent
to Gaylord Opryland and AC Hotel Washington, DC at National Harbor,
a 192-room hotel near Gaylord National. The Company also owns and
operates media and entertainment assets, including the Grand Ole
Opry (opry.com), the legendary weekly showcase of country music’s
finest performers for over 90 years; the Ryman Auditorium, the
storied former home of the Grand Ole Opry located in downtown
Nashville; 650 AM WSM, the Opry’s radio home; and Ole Red, a
country lifestyle and entertainment brand. For additional
information about Ryman Hospitality Properties, visit
www.rymanhp.com.
Cautionary Note Regarding
Forward-Looking StatementsThis press release contains
statements as to the Company’s beliefs and expectations of the
outcome of future events that are forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
You can identify these statements by the fact that they do not
relate strictly to historical or current facts. Examples of these
statements include, but are not limited to, statements regarding
the future performance of our business, estimated capital
expenditures, new projects or investments, including, but not
limited to, the consummation of the proposed transaction to
increase our ownership interest in the joint venture that owns the
Gaylord Rockies Resort & Convention Center (“Gaylord Rockies
interest purchase”), out-of-service rooms, the expected approach to
making dividend payments, the board’s ability to alter the dividend
policy at any time and other business or operational issues. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the
statements made. These include the risks and uncertainties
associated with economic conditions affecting the hospitality
business generally, the geographic concentration of the Company’s
hotel properties, business levels at the Company’s hotels, the
effect of the Company’s election to be taxed as a REIT for federal
income tax purposes commencing with the year ended December 31,
2013, the Company’s ability to remain qualified as a REIT, the
Company’s ability to execute its strategic goals as a REIT, the
Company’s ability to consummate the Gaylord Rockies interest
purchase, including obtaining any joint venture lender consent,
finalization of joint venture agreements and the possibility that
conditions to closing of the Gaylord Rockies interest purchase may
not be met and the transaction may be terminated, the Company’s
ability to generate cash flows to support dividends, future board
determinations regarding the timing and amount of dividends and
changes to the dividend policy, which could be made at any time,
the determination of Adjusted FFO and REIT taxable income, and
those factors that could cause operating and financial results to
differ, which are described in the filings made from time to time
by the Company with the U.S. Securities and Exchange Commission
(SEC) and include the risk factors and other risks and
uncertainties described in the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2017 and its Quarterly
Reports on Form 10-Q and subsequent filings. The Company does not
undertake any obligation to release publicly any revisions to
forward-looking statements made by it to reflect events or
circumstances occurring after the date hereof or the occurrence of
unanticipated events.
Additional InformationThis
release should be read in conjunction with the consolidated
financial statements and notes thereto included in our most recent
annual report on Form 10-K. Copies of our reports are available on
our website at no expense at www.rymanhp.com and through the SEC’s
Electronic Data Gathering Analysis and Retrieval System (“EDGAR”)
at www.sec.gov.
Calculation of RevPAR and Total
RevPARWe calculate revenue per available room (“RevPAR”)
for our hotels by dividing room revenue by room nights available to
guests for the period. We calculate total revenue per available
room (“Total RevPAR”) for our hotels by dividing the sum of room
revenue, food & beverage and other ancillary services revenue
by room nights available to guests for the period.
Calculation of GAAP Margin FiguresWe calculate
Net Income Margin by dividing GAAP consolidated Net Income by GAAP
consolidated Total Revenue. We calculate consolidated, segment, or
property-level Operating Income Margin by dividing consolidated,
segment, or property-level GAAP Operating Income by consolidated,
segment, or property-level GAAP Revenue.
Non-GAAP Financial MeasuresWe present the
following non-GAAP financial measures we believe are useful to
investors as key measures of our operating performance:
Adjusted EBITDA DefinitionTo calculate Adjusted
EBITDA, we first determine Operating Income, which represents Net
Income (loss) determined in accordance with GAAP, plus, to the
extent the following adjustments occurred during the periods
presented: loss (income) from discontinued operations, net;
provision (benefit) for income taxes; other (gains) and losses,
net; loss on extinguishment of debt; (gain) loss from joint
ventures; and interest expense, net. Adjusted EBITDA is then
calculated as Operating Income, plus, to the extent the following
adjustments occurred during the periods presented: depreciation and
amortization; preopening costs; non-cash ground lease expense;
equity-based compensation expense; impairment charges; any closing
costs of completed acquisitions; interest income on Gaylord
National bonds; other gains and (losses), net; (gains) losses on
warrant settlements; pension settlement charges; pro rata Adjusted
EBITDA from joint ventures, (gains) losses on the disposal of
assets, and any other adjustments we have identified in this
release. We believe Adjusted EBITDA is useful to investors in
evaluating our operating performance because this measure helps
investors evaluate and compare the results of our operations from
period to period by removing the impact of our capital structure
(primarily interest expense) and our asset base (primarily
depreciation and amortization) from our operating results. A
reconciliation of Net Income (loss) to Operating Income and
Adjusted EBITDA and a reconciliation of segment, and property-level
Operating Income to segment and property-level Adjusted EBITDA are
set forth below under “Supplemental Financial Results.”
Adjusted EBITDA Margin DefinitionWe calculate
consolidated Adjusted EBITDA Margin by dividing consolidated
Adjusted EBITDA by GAAP consolidated Total Revenue. We calculate
segment or property-level Adjusted EBITDA Margin by dividing
segment, or property-level Adjusted EBITDA by segment, or
property-level GAAP Revenue. We believe Adjusted EBITDA
Margin is useful to investors in evaluating our operating
performance because this non-GAAP financial measure helps investors
evaluate and compare the results of our operations from period to
period by presenting a ratio showing the quantitative relationship
between Adjusted EBITDA and GAAP consolidated Total Revenue or
segment or property-level GAAP Revenue, as applicable.
Adjusted FFO DefinitionWe calculate Adjusted
FFO to mean Net Income (loss) (computed in accordance with GAAP),
excluding, to the extent the following adjustments occurred during
the periods presented: non-controlling interests, and (gains) and
losses from sales of property; depreciation and amortization
(excluding amortization of deferred financing costs and debt
discounts) and certain pro rata adjustments from joint ventures
(which equals FFO). We then exclude, to the extent the following
adjustments occurred during the periods presented, impairment
charges; write-offs of deferred financing costs, non-cash ground
lease expense, amortization of debt discounts and amortization of
deferred financing cost, pension settlement charges, additional pro
rata adjustments from joint ventures, (gains) losses on other
assets, (gains) losses on extinguishment of debt and warrant
settlements, and the impact of deferred income tax expense
(benefit). We believe that the presentation of Adjusted FFO
provides useful information to investors regarding the performance
of our ongoing operations because it is a measure of our operations
without regard to specified non-cash items such as real estate
depreciation and amortization, gain or loss on sale of assets and
certain other items which we believe are not indicative of the
performance of our underlying hotel properties. We believe that
these items are more representative of our asset base than our
ongoing operations. We also use Adjusted FFO as one measure in
determining our results after taking into account the impact of our
capital structure. A reconciliation of Net Income (loss) to
Adjusted FFO is set forth below under “Supplemental Financial
Results.”
We caution investors that amounts presented in accordance with
our definitions of Adjusted EBITDA, Adjusted EBITDA Margin, and
Adjusted FFO may not be comparable to similar measures disclosed by
other companies, because not all companies calculate these non-GAAP
measures in the same manner. Adjusted EBITDA, Adjusted EBITDA
Margin, and Adjusted FFO, and any related per share measures,
should not be considered as alternative measures of our Net Income
(loss), operating performance, cash flow or liquidity. Adjusted
EBITDA and Adjusted FFO may include funds that may not be available
for our discretionary use due to functional requirements to
conserve funds for capital expenditures and property acquisitions
and other commitments and uncertainties. Although we believe that
Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted FFO can
enhance an investor’s understanding of our results of operations,
these non-GAAP financial measures, when viewed individually, are
not necessarily better indicators of any trend as compared to GAAP
measures such as Net Income (loss), Net Income Margin, Operating
Income (loss), Operating Income Margin, or cash flow from
operations. In addition, you should be aware that adverse economic
and market and other conditions may harm our cash flow.
Investor Relations
Contacts: |
Media Contacts: |
Mark Fioravanti, President and Chief
Financial Officer |
Shannon Sullivan, Vice President of
Corporate and Brand Communications |
Ryman Hospitality Properties, Inc. |
Ryman Hospitality Properties, Inc. |
(615) 316-6588 |
(615) 316-6725 |
mfioravanti@rymanhp.com |
ssullivan@rymanhp.com |
~or~ |
~or~ |
Todd Siefert, Vice President Corporate
Finance & Treasurer |
Robert Winters or Sam Gibbons |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6344 |
(929) 266-6315 or (312) 445-2874 |
tsiefert@rymanhp.com |
robert.winters@alpha-ir.com;
sam.gibbons@alpha-ir.com |
|
|
|
|
|
|
|
RYMAN HOSPITALITY
PROPERTIES, INC. AND
SUBSIDIARIES |
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
Unaudited |
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
Sep. 30, |
|
Sep. 30, |
|
|
2018 |
|
2017 |
|
|
2018 |
|
2017 |
|
Revenues
: |
|
|
|
|
|
|
Rooms |
$ |
103,181 |
|
$ |
100,534 |
|
|
$ |
332,490 |
|
$ |
314,577 |
|
|
Food and beverage |
|
118,496 |
|
|
104,437 |
|
|
|
392,488 |
|
|
359,047 |
|
|
Other hotel
revenue |
|
27,563 |
|
|
24,619 |
|
|
|
81,129 |
|
|
73,493 |
|
|
Entertainment |
|
43,009 |
|
|
35,134 |
|
|
|
108,446 |
|
|
92,427 |
|
|
Total
revenues |
|
292,249 |
|
|
264,724 |
|
|
|
914,553 |
|
|
839,544 |
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
Rooms |
|
29,563 |
|
|
27,575 |
|
|
|
88,550 |
|
|
83,962 |
|
|
Food and beverage |
|
67,305 |
|
|
62,649 |
|
|
|
211,677 |
|
|
200,091 |
|
|
Other hotel
expenses |
|
74,350 |
|
|
72,299 |
|
|
|
226,965 |
|
|
220,073 |
|
|
Management fees |
|
6,558 |
|
|
4,708 |
|
|
|
22,323 |
|
|
16,417 |
|
|
Total
hotel operating expenses |
|
177,776 |
|
|
167,231 |
|
|
|
549,515 |
|
|
520,543 |
|
|
Entertainment |
|
31,327 |
|
|
22,651 |
|
|
|
80,947 |
|
|
61,637 |
|
|
Corporate |
|
7,212 |
|
|
7,909 |
|
|
|
23,181 |
|
|
22,786 |
|
|
Preopening costs |
|
300 |
|
|
877 |
|
|
|
3,972 |
|
|
1,587 |
|
|
Impairment and other
charges |
|
4,540 |
|
|
- |
|
|
|
4,540 |
|
|
- |
|
|
Depreciation and
amortization |
|
30,994 |
|
|
28,546 |
|
|
|
89,655 |
|
|
83,862 |
|
|
Total
operating expenses |
|
252,149 |
|
|
227,214 |
|
|
|
751,810 |
|
|
690,415 |
|
|
|
|
|
|
|
|
Operating
income |
|
40,100 |
|
|
37,510 |
|
|
|
162,743 |
|
|
149,129 |
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized |
|
(19,220 |
) |
|
(16,621 |
) |
|
|
(55,574 |
) |
|
(49,640 |
) |
Interest
income |
|
2,678 |
|
|
2,957 |
|
|
|
8,197 |
|
|
8,874 |
|
Loss from
joint ventures |
|
(985 |
) |
|
(899 |
) |
|
|
(2,227 |
) |
|
(2,616 |
) |
Other gains
and (losses), net |
|
1,881 |
|
|
1,453 |
|
|
|
2,085 |
|
|
57 |
|
Income
before income taxes |
|
24,454 |
|
|
24,400 |
|
|
|
115,224 |
|
|
105,804 |
|
|
|
|
|
|
|
|
Provision
for income taxes |
|
(1,863 |
) |
|
(530 |
) |
|
|
(9,748 |
) |
|
(2,022 |
) |
Net
income |
$ |
22,591 |
|
$ |
23,870 |
|
|
$ |
105,476 |
|
$ |
103,782 |
|
|
|
|
|
|
|
|
Basic net
income per share |
$ |
0.44 |
|
$ |
0.47 |
|
|
$ |
2.06 |
|
$ |
2.03 |
|
Fully
diluted net income per share |
$ |
0.44 |
|
$ |
0.46 |
|
|
$ |
2.05 |
|
$ |
2.02 |
|
|
|
|
|
|
|
|
Weighted
average common shares for the period: |
|
|
|
|
|
|
Basic |
|
51,325 |
|
|
51,191 |
|
|
|
51,281 |
|
|
51,131 |
|
|
Diluted |
|
51,519 |
|
|
51,376 |
|
|
|
51,476 |
|
|
51,331 |
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY
PROPERTIES, INC. AND
SUBSIDIARIES |
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED
BALANCE SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
Sep. 30, |
|
Dec. 31, |
|
|
|
|
2018 |
|
2017 |
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Property
and equipment, net of accumulated depreciation |
$ |
2,126,764 |
|
$ |
2,065,657 |
|
Cash and
cash equivalents - unrestricted |
|
86,025 |
|
|
57,557 |
|
Cash and
cash equivalents - restricted |
|
38,372 |
|
|
21,153 |
|
Notes
receivable |
|
108,696 |
|
|
111,423 |
|
Investment
in Gaylord Rockies joint venture |
|
89,403 |
|
|
88,685 |
|
Trade
receivables, net |
|
80,595 |
|
|
57,520 |
|
Deferred
income taxes, net |
|
40,449 |
|
|
50,117 |
|
Prepaid
expenses and other assets |
|
74,341 |
|
|
72,116 |
|
|
Total
assets |
$ |
2,644,645 |
|
$ |
2,524,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY: |
|
|
|
|
Debt and
capital lease obligations |
$ |
1,693,427 |
|
$ |
1,591,392 |
|
Accounts
payable and accrued liabilities |
|
214,711 |
|
|
179,649 |
|
Dividends
payable |
|
44,668 |
|
|
42,129 |
|
Deferred
management rights proceeds |
|
174,784 |
|
|
177,057 |
|
Other
liabilities |
|
159,560 |
|
|
155,845 |
|
Stockholders' equity |
|
357,495 |
|
|
378,156 |
|
|
Total liabilities and stockholders' equity |
$ |
2,644,645 |
|
$ |
2,524,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
ADJUSTED EBITDA RECONCILIATION |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sep. 30, |
|
Nine Months Ended Sep. 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
292,249 |
|
|
|
$ |
264,724 |
|
|
|
$ |
914,553 |
|
|
|
$ |
839,544 |
|
|
Net
income |
$ |
22,591 |
|
7.7 |
% |
|
$ |
23,870 |
|
9.0 |
% |
|
$ |
105,476 |
|
11.5 |
% |
|
$ |
103,782 |
|
12.4 |
% |
Provision
for income taxes |
|
1,863 |
|
|
|
|
530 |
|
|
|
|
9,748 |
|
|
|
|
2,022 |
|
|
Other
(gains) and losses, net |
|
(1,881 |
) |
|
|
|
(1,453 |
) |
|
|
|
(2,085 |
) |
|
|
|
(57 |
) |
|
Loss from
joint ventures |
|
985 |
|
|
|
|
899 |
|
|
|
|
2,227 |
|
|
|
|
2,616 |
|
|
Interest
expense, net |
|
16,542 |
|
|
|
|
13,664 |
|
|
|
|
47,377 |
|
|
|
|
40,766 |
|
|
Operating Income |
|
40,100 |
|
13.7 |
% |
|
|
37,510 |
|
14.2 |
% |
|
|
162,743 |
|
17.8 |
% |
|
|
149,129 |
|
17.8 |
% |
Depreciation & amortization |
|
30,994 |
|
|
|
|
28,546 |
|
|
|
|
89,655 |
|
|
|
|
83,862 |
|
|
Preopening costs |
|
300 |
|
|
|
|
877 |
|
|
|
|
3,972 |
|
|
|
|
1,587 |
|
|
Non-cash
ground lease expense |
|
1,379 |
|
|
|
|
1,295 |
|
|
|
|
3,913 |
|
|
|
|
3,904 |
|
|
Equity-based compensation expense |
|
1,895 |
|
|
|
|
1,741 |
|
|
|
|
5,824 |
|
|
|
|
4,954 |
|
|
Pension
settlement charge |
|
1,004 |
|
|
|
|
1,218 |
|
|
|
|
1,004 |
|
|
|
|
1,218 |
|
|
Impairment charges |
|
4,540 |
|
|
|
|
- |
|
|
|
|
4,540 |
|
|
|
|
- |
|
|
Interest
income on Gaylord National bonds |
|
2,615 |
|
|
|
|
2,886 |
|
|
|
|
7,928 |
|
|
|
|
8,748 |
|
|
Pro rata
adjusted EBITDA from joint ventures |
|
(13 |
) |
|
|
|
- |
|
|
|
|
(1,702 |
) |
|
|
|
- |
|
|
Other
gains and (losses), net |
|
1,881 |
|
|
|
|
1,453 |
|
|
|
|
2,085 |
|
|
|
|
57 |
|
|
(Gain)
loss on disposal of assets |
|
(33 |
) |
|
|
|
(19 |
) |
|
|
|
116 |
|
|
|
|
1,097 |
|
|
Adjusted EBITDA |
$ |
84,662 |
|
29.0 |
% |
|
$ |
75,507 |
|
28.5 |
% |
|
$ |
280,078 |
|
30.6 |
% |
|
$ |
254,556 |
|
30.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
249,240 |
|
|
|
$ |
229,590 |
|
|
|
$ |
806,107 |
|
|
|
$ |
747,117 |
|
|
Operating income |
$ |
43,334 |
|
17.4 |
% |
|
$ |
36,298 |
|
15.8 |
% |
|
$ |
172,982 |
|
21.5 |
% |
|
$ |
149,560 |
|
20.0 |
% |
Depreciation & amortization |
|
27,946 |
|
|
|
|
26,061 |
|
|
|
|
81,379 |
|
|
|
|
76,786 |
|
|
Preopening costs |
|
184 |
|
|
|
|
- |
|
|
|
|
2,231 |
|
|
|
|
228 |
|
|
Non-cash
lease expense |
|
1,248 |
|
|
|
|
1,280 |
|
|
|
|
3,743 |
|
|
|
|
3,839 |
|
|
Interest
income on Gaylord National bonds |
|
2,615 |
|
|
|
|
2,886 |
|
|
|
|
7,928 |
|
|
|
|
8,748 |
|
|
Other
gains and (losses), net |
|
2,682 |
|
|
|
|
2,784 |
|
|
|
|
2,682 |
|
|
|
|
3,097 |
|
|
Adjusted EBITDA |
$ |
78,009 |
|
31.3 |
% |
|
$ |
69,309 |
|
30.2 |
% |
|
$ |
270,945 |
|
33.6 |
% |
|
$ |
242,258 |
|
32.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment
segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
43,009 |
|
|
|
$ |
35,134 |
|
|
|
$ |
108,446 |
|
|
|
$ |
92,427 |
|
|
Operating income |
$ |
4,413 |
|
10.3 |
% |
|
$ |
9,641 |
|
27.4 |
% |
|
$ |
14,333 |
|
13.2 |
% |
|
$ |
23,966 |
|
25.9 |
% |
Depreciation & amortization |
|
2,613 |
|
|
|
|
1,965 |
|
|
|
|
6,885 |
|
|
|
|
5,465 |
|
|
Preopening costs |
|
116 |
|
|
|
|
877 |
|
|
|
|
1,741 |
|
|
|
|
1,359 |
|
|
Non-cash
lease expense |
|
131 |
|
|
|
|
15 |
|
|
|
|
170 |
|
|
|
|
65 |
|
|
Equity-based compensation |
|
286 |
|
|
|
|
240 |
|
|
|
|
1,051 |
|
|
|
|
597 |
|
|
Impairment charges |
|
4,540 |
|
|
|
|
- |
|
|
|
|
4,540 |
|
|
|
|
- |
|
|
Pro rata
adjusted EBITDA from joint ventures |
|
(13 |
) |
|
|
|
- |
|
|
|
|
(1,702 |
) |
|
|
|
- |
|
|
Other
gains and (losses), net |
|
- |
|
|
|
|
30 |
|
|
|
|
- |
|
|
|
|
(353 |
) |
|
Loss on
disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
431 |
|
|
Adjusted EBITDA |
$ |
12,086 |
|
28.1 |
% |
|
$ |
12,768 |
|
36.3 |
% |
|
$ |
27,018 |
|
24.9 |
% |
|
$ |
31,530 |
|
34.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
segment |
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(7,647 |
) |
|
|
$ |
(8,429 |
) |
|
|
$ |
(24,572 |
) |
|
|
$ |
(24,397 |
) |
|
Depreciation & amortization |
|
435 |
|
|
|
|
520 |
|
|
|
|
1,391 |
|
|
|
|
1,611 |
|
|
Equity-based compensation |
|
1,609 |
|
|
|
|
1,501 |
|
|
|
|
4,773 |
|
|
|
|
4,357 |
|
|
Pension
settlement charge |
|
1,004 |
|
|
|
|
1,218 |
|
|
|
|
1,004 |
|
|
|
|
1,218 |
|
|
Other
gains and (losses), net |
|
(801 |
) |
|
|
|
(1,361 |
) |
|
|
|
(597 |
) |
|
|
|
(2,687 |
) |
|
(Gain)
loss on disposal of assets |
|
(33 |
) |
|
|
|
(19 |
) |
|
|
|
116 |
|
|
|
|
666 |
|
|
Adjusted EBITDA |
$ |
(5,433 |
) |
|
|
$ |
(6,570 |
) |
|
|
$ |
(17,885 |
) |
|
|
$ |
(19,232 |
) |
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
RECONCILIATION |
Unaudited |
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sep. 30, |
|
Nine Months Ended Sep.
30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Consolidated |
|
|
|
|
|
|
|
Net
income |
$ |
22,591 |
|
|
$ |
23,870 |
|
|
$ |
105,476 |
|
|
$ |
103,782 |
|
Depreciation & amortization |
|
30,994 |
|
|
|
28,546 |
|
|
|
89,655 |
|
|
|
83,862 |
|
Pro rata
adjustments from joint ventures |
|
18 |
|
|
|
17 |
|
|
|
373 |
|
|
|
53 |
|
FFO |
|
53,603 |
|
|
|
52,433 |
|
|
|
195,504 |
|
|
|
187,697 |
|
|
|
|
|
|
|
|
|
Non-cash
lease expense |
|
1,379 |
|
|
|
1,295 |
|
|
|
3,913 |
|
|
|
3,904 |
|
Pension
settlement charge |
|
1,004 |
|
|
|
1,218 |
|
|
|
1,004 |
|
|
|
1,218 |
|
Impairment charges |
|
4,540 |
|
|
|
- |
|
|
|
4,540 |
|
|
|
- |
|
Pro rata
adjustments from joint ventures |
|
- |
|
|
|
67 |
|
|
|
(2,729 |
) |
|
|
243 |
|
(Gain)
loss on other assets |
|
- |
|
|
|
(19 |
) |
|
|
80 |
|
|
|
1,097 |
|
Write-off
of deferred financing costs |
|
- |
|
|
|
- |
|
|
|
1,956 |
|
|
|
925 |
|
Amortization of deferred financing costs |
|
1,396 |
|
|
|
1,391 |
|
|
|
4,237 |
|
|
|
3,958 |
|
Deferred
tax (benefit) expense |
|
1,526 |
|
|
|
(371 |
) |
|
|
8,591 |
|
|
|
(500 |
) |
Adjusted FFO |
$ |
63,448 |
|
|
$ |
56,014 |
|
|
$ |
217,096 |
|
|
$ |
198,542 |
|
Capital
expenditures (1) |
|
(14,882 |
) |
|
|
(13,560 |
) |
|
|
(46,020 |
) |
|
|
(42,055 |
) |
Adjusted FFO less maintenance capital
expenditures |
$ |
48,566 |
|
|
$ |
42,454 |
|
|
$ |
171,076 |
|
|
$ |
156,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net
income per share |
$ |
0.44 |
|
|
$ |
0.47 |
|
|
$ |
2.06 |
|
|
$ |
2.03 |
|
Fully
diluted net income per share |
$ |
0.44 |
|
|
$ |
0.46 |
|
|
$ |
2.05 |
|
|
$ |
2.02 |
|
|
|
|
|
|
|
|
|
FFO per
basic share |
$ |
1.04 |
|
|
$ |
1.02 |
|
|
$ |
3.81 |
|
|
$ |
3.67 |
|
Adjusted
FFO per basic share |
$ |
1.24 |
|
|
$ |
1.09 |
|
|
$ |
4.23 |
|
|
$ |
3.88 |
|
|
|
|
|
|
|
|
|
FFO per
diluted share |
$ |
1.04 |
|
|
$ |
1.02 |
|
|
$ |
3.80 |
|
|
$ |
3.66 |
|
Adjusted
FFO per diluted share |
$ |
1.23 |
|
|
$ |
1.09 |
|
|
$ |
4.22 |
|
|
$ |
3.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Represents FF&E reserve for managed properties and maintenance
capital expenditures for non-managed properties. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
HOSPITALITY SEGMENT ADJUSTED EBITDA
RECONCILIATIONS AND OPERATING METRICS |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sep. 30, |
|
Nine Months Ended Sep. 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
249,240 |
|
|
|
$ |
229,590 |
|
|
|
$ |
806,107 |
|
|
|
$ |
747,117 |
|
|
Operating
Income |
$ |
43,334 |
|
17.4 |
% |
|
$ |
36,298 |
|
15.8 |
% |
|
$ |
172,982 |
|
21.5 |
% |
|
$ |
149,560 |
|
20.0 |
% |
Depreciation & amortization |
|
27,946 |
|
|
|
|
26,061 |
|
|
|
|
81,379 |
|
|
|
|
76,786 |
|
|
Preopening costs |
|
184 |
|
|
|
|
- |
|
|
|
|
2,231 |
|
|
|
|
228 |
|
|
Non-cash
lease expense |
|
1,248 |
|
|
|
|
1,280 |
|
|
|
|
3,743 |
|
|
|
|
3,839 |
|
|
Interest
income on Gaylord National bonds |
|
2,615 |
|
|
|
|
2,886 |
|
|
|
|
7,928 |
|
|
|
|
8,748 |
|
|
Other
gains and (losses), net |
|
2,682 |
|
|
|
|
2,784 |
|
|
|
|
2,682 |
|
|
|
|
3,097 |
|
|
Adjusted EBITDA |
$ |
78,009 |
|
31.3 |
% |
|
$ |
69,309 |
|
30.2 |
% |
|
$ |
270,945 |
|
33.6 |
% |
|
$ |
242,258 |
|
32.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
73.2 |
% |
|
|
|
75.5 |
% |
|
|
|
75.3 |
% |
|
|
|
75.0 |
% |
|
Average
daily rate (ADR) |
$ |
177.97 |
|
|
|
$ |
174.20 |
|
|
|
$ |
191.13 |
|
|
|
$ |
185.08 |
|
|
RevPAR |
$ |
130.27 |
|
|
|
$ |
131.56 |
|
|
|
$ |
143.97 |
|
|
|
$ |
138.73 |
|
|
OtherPAR |
$ |
184.42 |
|
|
|
$ |
168.89 |
|
|
|
$ |
205.07 |
|
|
|
$ |
190.75 |
|
|
Total
RevPAR |
$ |
314.69 |
|
|
|
$ |
300.45 |
|
|
|
$ |
349.04 |
|
|
|
$ |
329.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Opryland |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
80,591 |
|
|
|
$ |
76,237 |
|
|
|
$ |
258,251 |
|
|
|
$ |
231,459 |
|
|
Operating Income |
$ |
17,826 |
|
22.1 |
% |
|
$ |
16,974 |
|
22.3 |
% |
|
$ |
66,551 |
|
25.8 |
% |
|
$ |
53,081 |
|
22.9 |
% |
Depreciation & amortization |
|
8,913 |
|
|
|
|
8,765 |
|
|
|
|
26,450 |
|
|
|
|
25,235 |
|
|
Preopening costs |
|
184 |
|
|
|
|
- |
|
|
|
|
272 |
|
|
|
|
- |
|
|
Other
gains and (losses), net |
|
- |
|
|
|
|
182 |
|
|
|
|
- |
|
|
|
|
493 |
|
|
Adjusted EBITDA |
$ |
26,923 |
|
33.4 |
% |
|
$ |
25,921 |
|
34.0 |
% |
|
$ |
93,273 |
|
36.1 |
% |
|
$ |
78,809 |
|
34.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
72.4 |
% |
|
|
|
76.9 |
% |
|
|
|
75.4 |
% |
|
|
|
72.7 |
% |
|
Average
daily rate (ADR) |
$ |
180.77 |
|
|
|
$ |
176.13 |
|
|
|
$ |
188.41 |
|
|
|
$ |
177.82 |
|
|
RevPAR |
$ |
130.95 |
|
|
|
$ |
135.53 |
|
|
|
$ |
142.00 |
|
|
|
$ |
129.32 |
|
|
OtherPAR |
$ |
172.37 |
|
|
|
$ |
151.40 |
|
|
|
$ |
185.55 |
|
|
|
$ |
164.25 |
|
|
Total
RevPAR |
$ |
303.32 |
|
|
|
$ |
286.93 |
|
|
|
$ |
327.55 |
|
|
|
$ |
293.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Palms |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
38,901 |
|
|
|
$ |
37,238 |
|
|
|
$ |
147,071 |
|
|
|
$ |
139,619 |
|
|
Operating Income |
$ |
2,925 |
|
7.5 |
% |
|
$ |
3,108 |
|
8.3 |
% |
|
$ |
29,549 |
|
20.1 |
% |
|
$ |
25,609 |
|
18.3 |
% |
Depreciation & amortization |
|
4,868 |
|
|
|
|
4,753 |
|
|
|
|
14,456 |
|
|
|
|
14,307 |
|
|
Non-cash
lease expense |
|
1,248 |
|
|
|
|
1,280 |
|
|
|
|
3,743 |
|
|
|
|
3,839 |
|
|
Adjusted EBITDA |
$ |
9,041 |
|
23.2 |
% |
|
$ |
9,141 |
|
24.5 |
% |
|
$ |
47,748 |
|
32.5 |
% |
|
$ |
43,755 |
|
31.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
72.8 |
% |
|
|
|
73.3 |
% |
|
|
|
78.6 |
% |
|
|
|
77.8 |
% |
|
Average
daily rate (ADR) |
$ |
161.31 |
|
|
|
$ |
153.62 |
|
|
|
$ |
187.57 |
|
|
|
$ |
181.32 |
|
|
RevPAR |
$ |
117.44 |
|
|
|
$ |
112.59 |
|
|
|
$ |
147.43 |
|
|
|
$ |
141.05 |
|
|
OtherPAR |
$ |
181.18 |
|
|
|
$ |
173.26 |
|
|
|
$ |
233.02 |
|
|
|
$ |
220.13 |
|
|
Total
RevPAR |
$ |
298.62 |
|
|
|
$ |
285.85 |
|
|
|
$ |
380.45 |
|
|
|
$ |
361.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Texan |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
62,826 |
|
|
|
$ |
50,166 |
|
|
|
$ |
179,794 |
|
|
|
$ |
159,683 |
|
|
Operating Income |
$ |
17,016 |
|
27.1 |
% |
|
$ |
10,401 |
|
20.7 |
% |
|
$ |
46,001 |
|
25.6 |
% |
|
$ |
38,922 |
|
24.4 |
% |
Depreciation & amortization |
|
6,581 |
|
|
|
|
5,175 |
|
|
|
|
17,749 |
|
|
|
|
15,425 |
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
1,959 |
|
|
|
|
- |
|
|
Adjusted EBITDA |
$ |
23,597 |
|
37.6 |
% |
|
$ |
15,576 |
|
31.0 |
% |
|
$ |
65,709 |
|
36.5 |
% |
|
$ |
54,347 |
|
34.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
76.2 |
% |
|
|
|
75.0 |
% |
|
|
|
75.2 |
% |
|
|
|
75.7 |
% |
|
Average
daily rate (ADR) |
$ |
184.45 |
|
|
|
$ |
183.90 |
|
|
|
$ |
190.99 |
|
|
|
$ |
187.80 |
|
|
RevPAR |
$ |
140.59 |
|
|
|
$ |
137.96 |
|
|
|
$ |
143.68 |
|
|
|
$ |
142.26 |
|
|
OtherPAR |
$ |
235.86 |
|
|
|
$ |
222.91 |
|
|
|
$ |
251.95 |
|
|
|
$ |
244.85 |
|
|
Total
RevPAR |
$ |
376.45 |
|
|
|
$ |
360.87 |
|
|
|
$ |
395.63 |
|
|
|
$ |
387.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
National |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
60,303 |
|
|
|
$ |
58,936 |
|
|
|
$ |
200,746 |
|
|
|
$ |
195,388 |
|
|
Operating Income |
$ |
4,343 |
|
7.2 |
% |
|
$ |
4,309 |
|
7.3 |
% |
|
$ |
27,189 |
|
13.5 |
% |
|
$ |
27,170 |
|
13.9 |
% |
Depreciation & amortization |
|
6,891 |
|
|
|
|
6,701 |
|
|
|
|
20,647 |
|
|
|
|
19,830 |
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
228 |
|
|
Interest
income on Gaylord National bonds |
|
2,615 |
|
|
|
|
2,886 |
|
|
|
|
7,928 |
|
|
|
|
8,748 |
|
|
Other
gains and (losses), net |
|
2,682 |
|
|
|
|
2,604 |
|
|
|
|
2,682 |
|
|
|
|
2,604 |
|
|
Adjusted EBITDA |
$ |
16,531 |
|
27.4 |
% |
|
$ |
16,500 |
|
28.0 |
% |
|
$ |
58,446 |
|
29.1 |
% |
|
$ |
58,580 |
|
30.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
71.9 |
% |
|
|
|
74.2 |
% |
|
|
|
73.7 |
% |
|
|
|
75.1 |
% |
|
Average
daily rate (ADR) |
$ |
185.56 |
|
|
|
$ |
184.89 |
|
|
|
$ |
204.35 |
|
|
|
$ |
201.77 |
|
|
RevPAR |
$ |
133.36 |
|
|
|
$ |
137.13 |
|
|
|
$ |
150.66 |
|
|
|
$ |
151.47 |
|
|
OtherPAR |
$ |
195.03 |
|
|
|
$ |
183.82 |
|
|
|
$ |
217.74 |
|
|
|
$ |
207.10 |
|
|
Total
RevPAR |
$ |
328.39 |
|
|
|
$ |
320.95 |
|
|
|
$ |
368.40 |
|
|
|
$ |
358.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at
National Harbor |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,496 |
|
|
|
$ |
2,928 |
|
|
|
$ |
8,378 |
|
|
|
$ |
9,066 |
|
|
Operating Income |
$ |
132 |
|
5.3 |
% |
|
$ |
559 |
|
19.1 |
% |
|
$ |
1,341 |
|
16.0 |
% |
|
$ |
2,316 |
|
25.5 |
% |
Depreciation & amortization |
|
328 |
|
|
|
|
322 |
|
|
|
|
983 |
|
|
|
|
969 |
|
|
Adjusted EBITDA |
$ |
460 |
|
18.4 |
% |
|
$ |
881 |
|
30.1 |
% |
|
$ |
2,324 |
|
27.7 |
% |
|
$ |
3,285 |
|
36.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
67.6 |
% |
|
|
|
79.2 |
% |
|
|
|
69.0 |
% |
|
|
|
74.7 |
% |
|
Average
daily rate (ADR) |
$ |
180.05 |
|
|
|
$ |
178.48 |
|
|
|
$ |
201.37 |
|
|
|
$ |
201.36 |
|
|
RevPAR |
$ |
121.74 |
|
|
|
$ |
141.30 |
|
|
|
$ |
138.86 |
|
|
|
$ |
150.34 |
|
|
OtherPAR |
$ |
19.54 |
|
|
|
$ |
24.46 |
|
|
|
$ |
20.97 |
|
|
|
$ |
22.63 |
|
|
Total
RevPAR |
$ |
141.28 |
|
|
|
$ |
165.76 |
|
|
|
$ |
159.83 |
|
|
|
$ |
172.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at
Opryland (1) |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,123 |
|
|
|
$ |
4,085 |
|
|
|
$ |
11,867 |
|
|
|
$ |
11,902 |
|
|
Operating Income |
$ |
1,092 |
|
26.5 |
% |
|
$ |
947 |
|
23.2 |
% |
|
$ |
2,351 |
|
19.8 |
% |
|
$ |
2,462 |
|
20.7 |
% |
Depreciation & amortization |
|
365 |
|
|
|
|
345 |
|
|
|
|
1,094 |
|
|
|
|
1,020 |
|
|
Other
gains and (losses), net |
|
- |
|
|
|
|
(2 |
) |
|
|
|
- |
|
|
|
|
- |
|
|
Adjusted EBITDA |
$ |
1,457 |
|
35.3 |
% |
|
$ |
1,290 |
|
31.6 |
% |
|
$ |
3,445 |
|
29.0 |
% |
|
$ |
3,482 |
|
29.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
76.6 |
% |
|
|
|
81.5 |
% |
|
|
|
74.6 |
% |
|
|
|
78.5 |
% |
|
Average
daily rate (ADR) |
$ |
139.94 |
|
|
|
$ |
132.16 |
|
|
|
$ |
143.71 |
|
|
|
$ |
138.60 |
|
|
RevPAR |
$ |
107.14 |
|
|
|
$ |
107.70 |
|
|
|
$ |
107.26 |
|
|
|
$ |
108.74 |
|
|
OtherPAR |
$ |
40.81 |
|
|
|
$ |
38.84 |
|
|
|
$ |
36.19 |
|
|
|
$ |
35.12 |
|
|
Total
RevPAR |
$ |
147.95 |
|
|
|
$ |
146.54 |
|
|
|
$ |
143.45 |
|
|
|
$ |
143.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes other hospitality revenue and expense |
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From Jul 2023 to Jul 2024